US stocks gain ground, adding to their records, as Dell soars
Stock indexes closed higher on Wall Street, adding to the all-time highs they set a day earlier. The S&P 500 added 0.2% Friday. That was the seventh straight gain for the index. The S&P 500 also closed out its ninth straight winning week, the longest such streak since 2023. Tech stocks led the way, including a 32.8% gain for Dell Technologies after the company delivered profits that blew past expectations. Dell also raised its outlook, citing powerful demand for AI computing. The Dow added 0.7%, and the Nasdaq composite rose 0.2%. European and Asian markets mostly rose. Brent crude fell 1.7%.
Tomatoes become latest symbol of America’s affordability squeeze
NEW YORK (AP) — Prices for tomatoes are up 40% over the past year, the biggest increase tracked among products in the Consumer Price Index. Experts say the spike is the result of crop yields and two pillars of President Donald Trump's second term policies. The Iran war has spiked shipping costs. And Trump has slapped tariffs on tomatoes from Mexico, which grows most of America's supply. Outraged consumers are voicing their displeasure online, but the impact is most acute among businesses that rely on tomatoes as a key ingredient. Wayne Humphrey of Snarf’s Sandwiches, which which operates dozens of stores in Colorado, Missouri and Texas, says the price hike will cost him $1.7 million this year.
SEC moves to repeal rule that requires companies to report greenhouse gas emissions and climate risk
WASHINGTON (AP) — In the latest action to undo Biden-era regulations on climate change, the Securities and Exchange Commission has proposed repealing a rule that requires some public companies to report their greenhouse gas emissions and the risks they face from global warming. The disclosure rule has been on hold since last year, after the commission said it was pausing its legal defense after legal challenges by business groups and Republican-led states. An SEC statement Friday said the disclosure rule exceeds the scope of the agency’s statutory authority and imposes an unnecessary burden on businesses. Environmental groups said eliminating the rule would leave investors without information they need to assess financial risks related to climate change.
Trump claims he's making food more affordable but his examples ignore the big picture
WASHINGTON (AP) — In a Truth Social post on Wednesday, the president proclaimed “TRUMP’S MAKING FOOD AFFORDABLE,” and cited falling prices for a range of groceries, including avocados, fresh berries, and a variety of pantry staples. Yet just two weeks earlier the Labor Department had released inflation figures showing grocery prices up nearly 3% in April from a year earlier. So where’s the reality? The graphic shared by President Donald Trump may be correct about the specific items he listed. It’s hard to know because he used data that isn’t publicly available and he didn’t specify what time frame he used. But specific grocery items go up and down all the time, and his post ignores the broader reality consumers are facing at the supermarket.
Google employee charged with using confidential search data to make $1.2 million on Polymarket
NEW YORK (AP) — U.S. prosecutors slapped insider trading charges against a Google employee this week, alleging the software engineer used confidential company information to pocket more than $1.2 million on prediction market platform Polymarket. Authorities say 36-year-old Michele Spagnuolo used Google's "Year in Search" data to place bets on search trends before the data was published. Google confirmed the employee has been placed on leave and is cooperating with law enforcement. Polymarket also stated it is working closely with authorities. The case underlines the latest concerns about insider trading in the growing world of speculative, 24/7 transactions now filling the internet.
Key inflation gauge worsens as Americans' income and spending power erodes
WASHINGTON (AP) — A key inflation gauge accelerated in April to the highest level in three years, the latest sign that spiking gas prices and higher food costs are squeezing Americans’ finances. Inflation jumped to 3.8% in April compared with a year ago, the Commerce Department said Thursday, up from 3.5% in March and the highest since May 2023. On a monthly basis, prices rose 0.4%, down from the 0.7% rise in March. The report showed that prices have risen for many items in addition to gas, a sign inflation could persist and pose problems for congressional Republicans in this year’s midterm elections.
US jobless claims rise to 215,000 but layoffs remain low despite Iran war uncertainty
WASHINGTON (AP) — More Americans sought unemployment benefits last week, but layoffs remain low despite economic uncertainty caused by the Iran war. The Labor Department reported Thursday that jobless claims were up to 215,000, up from 210,000 the week before. The four-week moving average of claims, which smooths out week-to-week volatility, rose by nearly 6,300 to 209,000. The number of Americans signing up for unemployment benefits — a proxy for layoffs — has stabilized in a low range of mostly 200,000 to 250,000 a week since the U.S. economy emerged from a brief but nasty pandemic recession in 2020.
European Union unlocks billions in funding for Hungary after rapid reforms by new leader Magyar
BRUSSELS (AP) — Officials say the European Union will unlock 16.4 billion euros or around $19 billion in funds for Hungary after recently elected Prime Minister Péter Magyar enacted rapid reforms. Those changes were meant to regain access to the funds frozen over the democratic backsliding of his predecessor. Friday's move was a signal of Brussels’ embrace of the new government in Budapest after Viktor Orbán's 16-year tenure. Orbán was allied with Russia and antagonized the EU.
Russian spies are aggressively seeking Western technology as sanctions bite, officials say
STOCKHOLM, Sweden (AP) — Russian intelligence agencies have grown more aggressive in their efforts to steal Western technology and defense secrets as sanctions squeeze the country’s wartime economy. That's according to three senior European intelligence officials who spoke to The Associated Press. They say Moscow’s agents are building fake companies, recruiting middlemen and deploying cyber spies and hackers who are gathering information that could also be used to attack key infrastructure. Four years of international sanctions have hampered Moscow’s ability to procure machinery, technology and research from Europe. The grinding war in Ukraine has meanwhile taxed key industries and pushed Russia toward a possible financial crisis.
California air regulators update a key climate program, sparking pushback from environmentalists
SACRAMENTO, Calif. (AP) — California air regulators have updated a key climate program Friday. The program, known as cap and trade, sets a declining limit on total planet-warming emissions in the state from major polluters. The rules are meant to implement laws Newsom signed last year reauthorizing the program through 2045. But environmental groups say the changes would instead weaken the program and undercut efforts to curb planet-warming emissions. The oil industry, meanwhile, says the program will still hinder efforts to bring down energy costs in the notoriously expensive state. California leaders have faced increased pressure in recent years to center affordability when shaping climate policies.
